According to data from the latest Global Economic Competitiveness Report of the World Economic Forum, for 2019, there are some improvements in doing business in the region. According to the survey conducted in large businesses, the main challenges of the region lie in the inefficiency of some financial markets, labor and products.
Albania has made significant efforts to reduce the time and costs to start a new business, in just 5 days, at a cost of 11% of the average annual income. Northern Macedonia has strongly supported start-ups that take only 4 days to start, at a cost of 1% of average incomes.
Montenegro has the best technology in the region, with a strong focus in innovation, robotics and artificial intelligence. In Serbia, a new business takes only 5 days, at a cost of 2% of the average incomes. Serbia is characterized by the highest level of R&D in the region, as a result of incoming FDI, while Bosnia and Herzegovina has significantly improved its adaption to new technology.
Prepared by Soana Jaupllari